Do you know how to make bank rules in Quickbooks?
1.Automated addition of transactions to the register
2.Splitting of transaction
In the left hand side navigation bar, choose the ‘Banking’ option under ‘Transactions’. In the ‘Bank Rules’ tab, create a new rule by adding the required field details and click on the ‘Save button’ to apply the desired rules on the selected transactions.
However, in order to prevent any undesirable action to take place due to application of bank rule, certain precautionary steps is needed as:
1. Each rule should have a payee name
2. Ensure assignment of exact conditions and settings information for the applied rule
3. Once the rules are applied to the required transactions, check accounting entries for correction
On reassuring that proper bank rules have been created for the banking transactions, the accounting online user will experience the easiness that these rules bring to the forefront like:
1. It scans downloaded bank and credit card details in order to bifurcate transactions based on the payee and other subcategories.
2. It also provides for an automated split in a transaction based on percentage or amount.
In this way, Bank Rules in QuickBooks is used in automating banking in online mode. It helps in improved automation in the way an accounting user can control accounting entries and, thereby acts as a time saver.